The global oil and gas valves market size was worth around USD 6.14 billion in 2023 and is predicted to grow to around USD 9.13 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.52% between 2024 and 2032.
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Valves for Oil and Gas: Market Development Drivers
An oil and gas valve is a regulated mechanism used to vary the liquid flow. A signal from a particular controller guides the dimension of the flow channel in gas or fluid in a system. Liquid level, pressure, flow, and temperature are among the operating scenarios these oil and gas valves help to maintain.
The expansion of the power generating sector, strong industrialisation, and major advancements shown by technologies applying mechanical engineering-based techniques suggest that the market for oil and gas valves is probably going to see notable increase in the next years. Additionally projected to boost the oil and gas valves market in the years to come are growing energy demand and an expanding number of oil and gas projects in pipeline. On a worldwide level, the lack of trained labourers for running these oil and gas valves could, however, impede the growth of the market for these valves.
On the other hand, the rising valves for IoT and Industry 4.0 architecture by different sectors located in the developing nations are going to create new growth prospects for the main participants of the market in the future.
We have included a thorough value chain analysis to provide the users with a complete view of the oil and gas valves industry. Furthermore included is a study of Porter’s Five Forces model for the oil and gas valves market to grasp the competitive scene in the market. All the segments are benchmarked in the market attractiveness analysis of the study to support their market size, growth rate, and general attractiveness.
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The Global Oil and Gas Valves Market is segmented based on product, application and region
Global Oil and Gas Valves Market: Product Segment Analysis
● Cast
● Forged
Global Oil and Gas Valves Market: Application Segment Analysis
● Upstream
● Midstream
● Downstream
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The Global Oil and Gas Valves market profiles key players such as:
● Schlumberger
● CIRCOR International
● Parker Hannifin
● Metso Corporation
● Emerson Electric
● Watts Water Technologies
● BHGE
● National Oilwell Varco
● The Weir Group
● HYDAC
● IMI
● Armstrong
The biggest oil and gas valves market worldwide in 2023 is North America. The key reason behind this increase was the increasing acceptance of automated valve operations in several end-user sectors all throughout the region. Given the rising need for oil and gas valves, particularly for downstream uses, the Asia Pacific oil and gas valves market is expected to be the fastest-growing one over the next several years.
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